Smartshares lifts FUM 8.2% between December and June

Chief executive Mark Peterson says FUM had grown to $12.3 billion by the end of July.

The company has launched a number of products under the Quay Street brand in conjunction with Craigs Investment Partners, which sold NZX the Quay Street busines in Feburary 2023, and cash flows are starting to build, Peterson says.

However, chief financial officer Graham Law said Quay Street's growth has been slower than expected, given the difficult economic environment, and NZX has written back $7.3 million of the up to $18.75 million earnout provision for the period ending

November 2024 and the targeted earnout for 2025 will be reassessed.